Wednesday, September 26, 2007

The Virgin IPO

Wireless communications company Virgin Mobile USA Inc., a joint venture of Sprint Nextel Corp. and the Virgin Group, expects to raise about $375.6 million after expenses from its planned initial public offering, according to a regulatory filing Tuesday.

In the Securities and Exchange Commission filing, Virgin Mobile said it expects the IPO, which totals 27.5 million shares, to price between $15 and $17 per share. The expected net proceeds assume a price of $16 per share.

The company is offering 25.6 million shares of Class A common stock. A group of shareholders, including Best Buy Inc. and Sprint Ventures, are selling an additional 1.9 million shares.


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